New Wage Code Deferred: India’s new wage rules will not come into force tomorrow. For many employees, the existing salary structure will be implemented .. I want to implement from tomorrow ..
New Wage Code Deferred
New Wage Code Deferred: India’s new wage rules will not come into force tomorrow. A senior Labor Ministry official said that the existing pay structure for many employees will be implemented. The new pay code has been postponed to change the salary structure which is to be implemented from tomorrow.
The postponement of the implementation of this new wage code has left many industry experts breathless. Thousands of companies are working to create a new compensation structure for their employees to enforce the new law. In this context they are happy with the postponement of this new pay law. Many experts are of the opinion that more clarity is needed on this law.
In fact the central government approved the new pay code law in 2020 itself. It is expected to be implemented from April 1. With this, many changes have to take place with the new bills in both the employees and the companies.
* The Central Government has decided that the base salary should be 50% of the total salary and the allowances should not be more than 50%. With this, changes in the allocation of base salary and allowances mentioned in the salary … Many changes like Gratuity, PFPPankam are yet to take place. Then the net wages of the employees have to be reduced. However, with the latest changes, the PF and gratuity amount will increase further till retirement.
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